Even though the FMRs are $730, I was conservative and used $600 for my Pro Forma- The current owner hasn’t raised them at all because he didn’t want any turnover- outside of cleaning and painting, no big costs- Not Section 8 

Very affordable housing. 

Income would be the same if I compare to the 4 bedroom house at $1000 per room.  

I guess the risk comes with the incertitude of the period the house is being built.

Included was 2 bedroom, 1 bath house, 2 bedroom mobile home and a rental lot with a tenant owned mobile home.

There’s usually not more than one investor with interest in any parcel so there’s is absolutely no incentive for the investor to pay a “wholesaler’s fee” in this scenario.In the scenario where the land is ready for development, and the economic conditions make development a profitable activity, the land owner has already been approached by the developer or multiple parties with offers to purchase.  

To what degree do you want to Scale or not, that will help determine the type of investment.With your situation I would skip trying to scale up in housing or MFH.

Because of the neighborhood and the historic appeal of the house & apartment, LVP could diminish the appeal, believe it or or not. 

Business owners won't want to get tied up in litigation and if there is a good chance they will lose, it is easier to simply follow the contract.How would that work with a lower-end tenant? 

We would buy this house all cash.